Economic Report of the President

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B-102. U.S. merchandise exports and imports by principal end-use category,1965-82 278B-103. U.S. merchandise exports and imports by area, 1973-82 279B-104. U.S. merchandise exports and imports by commodity groups, 1960-82 280B-105. International investment position of the United States at year-end,selected years, 1970-81 281B-106. World trade: Exports and imports, 1965, 1970, 1975, and 1979-82 282B-107. World trade balance and current account balances, 1965, 1970,1975, and 1979-82 283B-108. International reserves, selected years, 1952-82 284B-109. Growth rates in real gross national product, 1960-82 285B-110. Industrial production and consumer prices, major industrial countries,1960-82 286B— 111. Unemployment rate, and hourly compensation, major industrialcountries, 1960-82 287General NotesDetail in these tables may not add to totals because of rounding.Unless otherwise noted, all dollar figures are in current dollars.Symbols used:p Preliminary,Not available (also, not applicable).162
NATIONAL INCOME OR EXPENDITURETABLE B-l.—Gross national product, 1929-82[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]Year or quarterGrossnationalproductPersonalconsumptionexpendituresGrossprivatedomesticinvestmentNetexportsNet exports of goodsand servicesExports ImportsGovernment purchases of goods andservicesTotalFederalTotalNationaldefenseNondefenseStateandlocalFinalsalesPercent changefrom precedingperiod lGrossnationalproductFinalsales1929....1933....1939....1940....1941....1942....1943....1944....1945....1946....1947....1948....1949....1950....1951....1952....1953....1954....1955....1956....1957....1958....1959....I960....19611962....1963....1964....1965....1966....19671968196919701971....197219731974....1975....19761977....19781979198019811982"..1980:III.IllIV1981:III"111IV1982:I IIIllIV...103.455.890.9100.0125.0158.5192.1210.6212.4209.8233.1259.5258.3286.5330.8348.0366.8366.8400.0421.7444.0449.7487.9506.5524.6565.0596.7637.7691.1756.0799.6873.4944.0992.71,077.61,185.91,326.41,434.21,549.21,718.01,918.32,163.92,417.82,633.12,937.73,057.52,575.92,573.42,643.72,739.42,864.92,901.82,980.93,003.22,995.53,045.23,088.277.345.867.071.080.888.699.4108.2119.5143.8161.7174.7178.1192.0207.1217.1229.7235.8253.7266.0280.4289.5310.8324.9335.0355.2374.6400.5430.4465.1490.3536.9581.8621.7672.2737.1812.0888.1976.41,084.31,204.41,346.51,507.21,667.21,843.21,972.01,618.71,622.21,682.01,745.81,799.91,819.41,884.51,919.41,947.81,986.33,101.3 2,034.616.21.49.313.117.99.95.87.210.630.734.045.935.353.859.252.153.352.768.471.069.261.978.175.974.885.490.997.4113.5125.7122.8133.3149.3144.2166.4195.0229.8228.7206.1257.9324.1386.6423.0402.3471.5421.9424.0391.0384.1410.3455J475.5486.0468.9414.8431.5443.3397.91.11.21.81.5-L9-1.7~7.*811.96.96.52.24.43.21.32.53.05.37.33.31.45.56.66.47.610.18.86.56.34.34.26.74.1.714.213.426.813.8-4.0-1.113.225.226.116.514.024.239.023.531.223.725.923.531.334.96.9-6.97.02.44.65.46.15.04.65.57.415.120.217.516.314.419.719.118.018.721.025.028.124.224.828.929.931.834.238.841.144.647.352.457.565.768.877.5109.6146.2154.9170.9182.7218.7281.4339.2367.3349.7335.7337.3337.2346.7365.4368.9367.2367.9359.9365.8349.5323.75.92.03.43.64.74.86.57.27.97.38.310.59.812.215.315.916.716.218.019.820.821.023.423.423.325.426.628.832.338.141.048.153.359.064.776.795.4132.8128.1157.1186.7219.8268.1314.0341.3333.2321.7313.1298.2323.2334.2345.1341.3344.4328.6330.9342.5330.68.88.213.514.224.959.888.997.082.827.525.532.038.438.560.175.682.575.875.079.487.195.097.6100.3108.2118.0123.7129.8138.4158.7180.2199.0208.8220.1234.9253.1270.4304.1339.9362.1393.8431.9474.4538.4596.9647.1519.2536.0538.5559.8578.1583.2600.2626.3630.1630.9651.7675.71.42.15.26.116.952.081.389.474.617.612.716.720.418.738.352.457.547.944.545.950.053.953.953.757.463.764.665.267.378.890.998.097.695J96.2101.7102.0111.0122.7129.2143.4153.6168.3197.2228.9257.3189.6198.8193.3207.0217.0218.2230.0250.5249.7244.3259.0276.11.22.213.749.479.787.473.514.89.010.713.214.033.545.848.641.138.440.244.045.645.644.547.051.150.349.049.460.371.576.976.373.670.273.172.877.083.086.092.8100.3111.8131.4153.7178.5126.8130.0130.5138.1143.1150.5154.4166.9166.2176.2182.7188.93.93.93.22.61.62.01.12.83.76.07.24.74.86.58.96.86.05.75.98.38.39.310.412.714.316.217.818.519.521.221.222.226.028.529.133.939.743.250.653.356.565.875.278.862.868.862.868.973.967.775.783.683.568.276.387.27.46.18.38.18.07.87.57.68.29.912.815.318.019.821.823.225.027.830.633.537.141.143.746.550.854.359.064.671.179.889.3101.0111.2124.4138.7151.4168.5193.1217.2232.9250.4278.3306.0341.2368.0389.8329.6337.2345.2352.8361.1365.0370.1375.7380.4386.6392.7399.6101.757.490.597.8120.6156.7192.8211.6213.5203.5233.5254.8261.4279.7320.5344.8366.3368.4394.1417.0442.6451.2482.2503.6522.2558.8590.7632.1681.2741.9789.3865.5934.2989.51,070.01,175.71,307.91,420.11,556.11,706.21,895.32,137.42,403.52,643.12,917.33,078.92,576.62,573.92,664.82,757.12,852.72,877.22,949.12,989.93,031.13,061.43,083.53,139.86.6-4.27.010.025.026.721.39.6.9-1.211.111.310.915.55.25.4.09.05.45.31.38.53.83.67.75.66.98.49.45.89.28.15.28.610.111.88.18.010.911.712.811.78.911.64.112.2-.411.415.319.65.311.43.0-1.06.85.81.7-5.65.38.123.230.023.09.8.9-4.714.89.12.67.014.67.66.2.67.05.86.11.96.94.43.77.05.77.07.88.96.49.77.95.98.19.911.28.69.69.611.112.812.410.010.45.511.8-.414.914.614.63.510.45.75.64.12.97.5'Changes are based on unrounded data and therefore may differ slightly from changes computed from data shown here.Source: Department of Commerce, Bureau of Economic Analysis.163
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CONTENTSPageECONOMIC REPORT OF THE
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ECONOMIC REPORT OF THE PRESIDENTTo
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Monetary policy will play a critica
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Interest Rates and the U.S. Trade D
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THE ANNUAL REPORTOF THECOUNCIL OF E
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CONTENTSPageCHAPTER 1. FROM RECESSI
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PageConclusions 122CHAPTER 6. REVIE
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CHAPTER 1From Recession to Recovery
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slowed somewhat in the 1970s regard
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nal GNP growth is reflected in a sl
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inflation. More specifically, the A
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inflation rate, or with a 12 percen
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1988, an increase of about one-four
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CHAPTER 2The Dual Problems of Struc
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frequently associated with poor hea
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Chart 2-2Distribution of Unemployme
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Chart 2-4Distribution of Unemployme
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These findings suggest several conc
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Wage RigidityA number of studies sh
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that these measures may have caused
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Most young people find jobs or leav
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to employers who hire youths. Tax c
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defined broadly to include individu
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ship between incomplete experience
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CHAPTER 3The United States in the W
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with 2.6 percent in the other Organ
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TABLE 3-1 .—Structure ofthe U.S.
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TABLE 3-2.—Trade balances by comm
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concentrate on doing what it does r
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the United States will depress pric
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Chart 3-3Real Exchange Rates Of Maj
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AN UNDERVALUED YEN?The explanations
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arily reduced the international com
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nancial markets. These transactions
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TABLE 3-6.—Economic performance b
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were undoubtedly a highly favorable
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of lenders that some debtors will n
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CHAPTER 4Increasing Capital Formati
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ate of net investment was required,
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able share in Japan and 56 percent
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During the 1970s, productivity grow
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MEASURING NATIONAL SAVINGDomestic s
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TAX RULES AND PERSONAL SAVINGMany e
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on consumption taxation might also
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Nevertheless, a number of economic
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tion permitted businesses to deprec
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A final problem under current tax l
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fleeted efforts to deal with proble
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egulation was probably not applicab
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Aeronautics Board, for example, the
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system resulted. Price controls, wh
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NGPA, both controlled and decontrol
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Price and allocation controls only
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nications industries through the re
Page 117 and 118: Several major pieces of legislation
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Page 121 and 122: computer information and advertisin
Page 123 and 124: of computer technology to the payme
Page 125 and 126: trend by widening the sources and u
Page 127 and 128: changes. That is, members can arbit
Page 129 and 130: ceived to be a consequence of exces
Page 131 and 132: lowest point in the post-World War
Page 133 and 134: ing. Partly in response to the drop
Page 135 and 136: Chart 6-3Ratio of Consumer Installm
Page 137 and 138: Chart 6-4RATIO1.85Real Inventory/Sa
Page 139 and 140: percent increase in real defense pu
Page 141 and 142: 8.8 percent in 1981. These declines
Page 143 and 144: housing. Borrowing by the nonfinanc
Page 145 and 146: orous competitor for credit as usur
Page 147 and 148: 1982 their share had risen to over
Page 149 and 150: TABLE 6-9.—Economic outlook for 1
Page 151: A critical element in achieving hea
Page 155 and 156: LETTER OF TRANSMITTALCOUNCIL OF ECO
Page 157 and 158: Report to the President on the Acti
Page 159 and 160: ety of interagency and internationa
Page 161: ence J. Kotlikoff (Yale University)
Page 165 and 166: CONTENTSNATIONAL INCOME OR EXPENDIT
Page 167: B-70. Mortgage debt outstanding by
Page 171 and 172: TABLE B-2.—Gross national product
Page 173 and 174: 19291933193919401941194219431944194
Page 175 and 176: TABLE B-5.—Changes in GNP and GNP
Page 181 and 182: TABLE B-ll.—Gross national produc
Page 183 and 184: TABLE B-13.—Output, costs, and pr
Page 185 and 186: TABLE B-14.—Personal consumption
Page 187 and 188: TABLE B-16.—Gross and net private
Page 189 and 190: TABLE B-18.—Inventories and final
Page 191 and 192: TABLE B-20.—Relation of national
Page 193 and 194: TABLE B-21.—National income by ty
Page 195 and 196: TABLE B-22.—Sources of personal i
Page 197 and 198: TABLE B-24.—Total and per capita
Page 199 and 200: Year or quarterTotalTotalTABLE B-26
Page 201 and 202: POPULATION, EMPLOYMENT, WAGES, AND
Page 203 and 204: TABLE B-29.—Noninstitutional popu
Page 205 and 206: TABLE B-31.—Selected employment a
Page 207 and 208: TABLE B-33.—Civilian unemployment
Page 209 and 210: TABLE B-35.—Unemployment by reaso
Page 211 and 212: TABLE B-37.— Wage and salary work
Page 213 and 214: TABLE B-39.—Average weekly earnin
Page 215 and 216: TABLE B-41.—Changes in productivi
Page 217 and 218: TABLE B-43-—Industrial production
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TABLE B-45.—Capacity utilization
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TABLE B-46.—New construction acti
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TABLE B-48.—Nonfarm business expe
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TABLE B-50.—Manufacturers' shipme
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Year or monthAllitemsPRICESTABLE B-
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TABLE B-53.—Consumer price indexe
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TABLE B-55.—Changes in consumer p
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TABLE B-57.—Producer price indexe
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MONEY STOCK, CREDIT, AND FINANCETAB
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TABLE B-63.—Commercial bank loans
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TABLE B-64.—Total funds raised in
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TABLE B-66.—Aggregate reserves of
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TABLE B-67 .—Bond yields and inte
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TABLE B-69.—Consumer installment
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TABLE B-71-—Mortgage debt outstan
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TABLE B-72.—Federal budget receip
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TABLE B-74.—Relation of Federal G
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TABLE B-76.—Federal Government re
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TABLE B-78.—State and local gover
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TABLE B-80.—Estimated ownership o
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CORPORATE PROFITS AND FINANCETABLE
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Year or quarterTABLE B-84.—Corpor
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TABLE B-86.—Relation of profits a
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TABLE B-88.—Determinants of busin
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TABLE B-9Q.~Current assets and liab
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TABLE B-92.—Common stock prices a
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AGRICULTURETABLE B-94.—Farm incom
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TABLE B-96.—Farm input use, selec
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TABLE B-98.—U.S. exports and impo
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INTERNATIONAL STATISTICSTABLE B-100
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TABLE B-101.—U.S. international t
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TABLE B-103.—U.S. merchandise exp
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TABLE B-105.—International invest
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TABLE B-107.— World trade balance
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TABLE B-109.—Growth rates in real
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TABLE B-lll.—Unemployment rate, a
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Economic Report of the President

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